Is that back on the table now for Jan. 1, 2025?

Beneficial ownership information (BOI) reporting: The continuing resolution that was enacted this weekend did not defer the January 1, 2025, BOI reports for reporting companies formed prior to 2024. However, the temporary restraining order issued by the U.S. District Court in East Texas remains in place, meaning that all BOI reporting deadlines are currently on hold. (Texas Top Cop Shop v. Garland (December 3, 2024) U.S. Dist. Ct., Eastern Dist. of Texas, Case No. 4:24-CV-478)

This is on FinCen tonight: In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)

Doesn't seem to be a very good way of getting the information out.

YouBet said:

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This entire requirement is absurd and the very definition of government overreach and redundancy.

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Exactly. I am not even getting mail delivery every day, but they want to do this with a daily fine that was $500, but is now $591 due to inflation.

K. 2. What penalties do individuals face for violating BOI reporting requirements?

As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this FAQ, this amount is $591.

spud1910 said:

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YouBet said:

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This entire requirement is absurd and the very definition of government overreach and redundancy.

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Exactly. I am not even getting mail delivery every day, but they want to do this with a daily fine that was $500, but is now $591 due to inflation.

K. 2. What penalties do individuals face for violating BOI reporting requirements?

As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this FAQ, this amount is $591.

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So in the first year of its existence we have inflation of 18%+. That's Bidenomics for you. I man we didn't even get a year at the first year fine.

Like the meme says, "This is the government the founders warned us about".

So very many people know nothing about this too. It's going to be fascinating when thousands of people get months into 2025 and discover they have thousands upon thousands of dollars in fines over this b.s.

YouBet said:

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So very many people know nothing about this too. It's going to be fascinating when thousands of people get months into 2025 and discover they have thousands upon thousands of dollars in fines over this b.s.

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I still think ultimately the Trump admin withdraws it but the timing isn't great. The new deadline is Jan 13 so I guess barring another friendly judge it may happen.

holy crap! am I doing this right? created an LLC this year...but when going into BOIR.org to file the report, it is wanting to charge me $349...and also, it's saying it's not required because of a recent federal court order. See screenshot...am I doing something wrong or on the wrong site??

The Beneficial Ownership Information Report (BOIR) is a legal requirement under the Corporate Transparency Act (CTA). Non-compliance can result in severe penalties, including fines and legal action. To ensure your business is fully compliant, please complete your BOIR today by filing through our online portal. The current filing fee is $349. There is an additional charge for processing late filings (those occurring after January 1, 2025) of $149.
Corporate Transparency Act: https://www.congress.gov/bill/116th-congress/house-bill/2513
FinCEN BOIR Information Page: https://fincen.gov/boi
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
More information is available on FinCEN's website at https://www.fincen.gov/boi

LOYAL AG said:

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YouBet said:

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So very many people know nothing about this too. It's going to be fascinating when thousands of people get months into 2025 and discover they have thousands upon thousands of dollars in fines over this b.s.

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I still think ultimately the Trump admin withdraws it but the timing isn't great. The new deadline is Jan 13 so I guess barring another friendly judge it may happen.

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That's my thinking too. But the ineptitude of how this has been handled is not something that makes me want the government taking over my healthcare. Or anything else for that matter.

sweet, thank you, sir!!! Almost fell for it...THANKS!!!!!!!!!!!

Mas89 said:

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confucius_ag said:

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BOIR .ORG is a scam

File directly with fincen.gov. for free.

They almost got me too.

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Confucius, I think our government is a scam.

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No argument from me. This was the worst roll out BS. I know multiple people who have LLC who knew absolutely nothing about this.

And the BOIR.ORG crap is scamming lots of people. Some congressman somewhere s involved in that little scheme.

spud1910 said:

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This is on FinCen tonight: In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)

Doesn't seem to be a very good way of getting the information out.

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This is too politically juicy to stand in my opinion … the spirit of this goes directly against the Trump mandate. It's just helping a dying government bureaucracy get into people's business and the government doesn't have the resources to look into all the ones that don't file so they'd go after some low hanging fruit at best … too much without going full Bolshevik and thats not who we voted in … I mean we're even talking about ending income taxes which is the only reason for all this: some sort of tax evasion

ParisTxAg said:

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spud1910 said:

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This is on FinCen tonight: In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)

Doesn't seem to be a very good way of getting the information out.

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This is too politically juicy to stand in my opinion … the spirit of this goes directly against the Trump mandate. It's just helping a dying government bureaucracy get into people's business and the government doesn't have the resources to look into all the ones that don't file so they'd go after some low hanging fruit at best … too much without going full Bolshevik and thats not who we voted in … I mean we're even talking about ending income taxes which is the only reason for all this: some sort of tax evasion

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This isn't at all about tax evasion. It's not even Treasury or the IRS that created it. This is a DOJ requirement that's was ostensibly designed to help them investigate financial crime. And unfortunately I think barring another stay from a court above the 5th circuit the damage is done. I think that's the Supreme Court so there's hope for sure but barring another judicial block the deadline is before Trump's inauguration so by time he's in office the overwhelming majority of businesses will have complied.

LOYAL AG said:

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ParisTxAg said:

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spud1910 said:

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This is on FinCen tonight: In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)

Doesn't seem to be a very good way of getting the information out.

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This is too politically juicy to stand in my opinion … the spirit of this goes directly against the Trump mandate. It's just helping a dying government bureaucracy get into people's business and the government doesn't have the resources to look into all the ones that don't file so they'd go after some low hanging fruit at best … too much without going full Bolshevik and thats not who we voted in … I mean we're even talking about ending income taxes which is the only reason for all this: some sort of tax evasion

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This isn't at all about tax evasion. It's not even Treasury or the IRS that created it. This is a DOJ requirement that's was ostensibly designed to help them investigate financial crime. And unfortunately I think barring another stay from a court above the 5th circuit the damage is done. I think that's the Supreme Court so there's hope for sure but barring another judicial block the deadline is before Trump's inauguration so by time he's in office the overwhelming majority of businesses will have complied.

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Correct - this is not an IRS or tax thing at all... it is allowing the DOJ a method to know who owns what entity - specifically shell corps, limited partnerships, foreign owners, etc.

EnronAg said:

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holy crap! am I doing this right? created an LLC this year...but when going into BOIR.org to file the report, it is wanting to charge me $349...and also, it's saying it's not required because of a recent federal court order. See screenshot...am I doing something wrong or on the wrong site??

The Beneficial Ownership Information Report (BOIR) is a legal requirement under the Corporate Transparency Act (CTA). Non-compliance can result in severe penalties, including fines and legal action. To ensure your business is fully compliant, please complete your BOIR today by filing through our online portal. The current filing fee is $349. There is an additional charge for processing late filings (those occurring after January 1, 2025) of $149.
Corporate Transparency Act: https://www.congress.gov/bill/116th-congress/house-bill/2513
FinCEN BOIR Information Page: https://fincen.gov/boi
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
More information is available on FinCEN's website at https://www.fincen.gov/boi

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If you created the entity in 2024, your deadline was 90 days after formation though if formed late enough in the year there is some relief under the recent changes.

And it's on hold again. A different section of the same court blocked it pending an actual hearing for the DOJ to make its case on why it's necessary. Seems likely the Jan 13 deadline is gone which makes it more possible this thing is killed by the Trump Admin if they withdraw the government's appeal.

https://www.ca5.uscourts.gov/opinions/unpub/24/24-40792..pdf

It sure did look like they were trying to rush things through before Inauguration Day kind of like selling off the border wall material last month.

Looks pretty simple.

Ol Jock 99 said:

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Looks pretty simple.

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It is if you own a small closely held company. Other orgs we're hearing from people that it's a nightmare if you have a business owned by a business or something beyond a couple of owners that are active in the business.

The court case isn't based on ease of compliance but rather on Constitutional grounds. It seems wrong for the government to force us to provide information they already have so they can use it to investigate crimes I haven't committed and am not being investigated for. That seems to be the antithesis of who we are as a nation.

I looked online and for a single owner LLC it doesn't look too difficult. But I have no idea why the legislation puts the burden hundreds of thousands if not millions of small business owners when they could have accomplished the same thing by just making 50 Secretary of States' offices share the data they have already collected.

Quote:

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making 50 Secretary of States' offices share the data they have already collected

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And therein lies the rub.

Ol Jock 99 said:

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Quote:

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making 50 Secretary of States' offices share the data they have already collected

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And therein lies the rub.

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So it's easier to chase tens of thousands of non-compliant corporations only to find they were effectively abandoned years ago?

lb3 said:

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Ol Jock 99 said:

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Quote:

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making 50 Secretary of States' offices share the data they have already collected

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And therein lies the rub.

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So it's easier to chase tens of thousands of non-compliant corporations only to find they were effectively abandoned years ago?

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I don't think that's anymore constitutional than what they're trying to do. Contrary to federal belief they can't just force the states to do their bidding.